JML Properties Limited - Accounts to registrar (filleted) - small 18.2
JML Properties Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2019 |
for |
JML Properties Limited |
JML Properties Limited (Registered number: 03753200) |
Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
JML Properties Limited |
Company Information |
for the Year Ended 31 December 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
25 Woodgates Lane |
North Ferriby |
East Yorkshire |
HU14 3JR |
JML Properties Limited (Registered number: 03753200) |
Balance Sheet |
31 December 2019 |
31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
JML Properties Limited (Registered number: 03753200) |
Balance Sheet - continued |
31 December 2019 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on were signed on its behalf by: |
JML Properties Limited (Registered number: 03753200) |
Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
1. | STATUTORY INFORMATION |
JML Properties Limited is a |
company's registered number and registered office address can be found on the Company Information |
page. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The directors revalue the Company's investment properties each year. The determination of the fair |
value of each property requires the use of estimates and assumptions in relation to factors such as future |
rental income and current market conditions. |
Turnover |
Turnover represents rents receivable. |
Rents receivable are recognised for the period to which they relate. |
Investment property |
Investment properties are shown at the most recent fair value. Any aggregate surplus or deficit arising |
from changes in fair value is recognised in the profit and loss account. Deferred taxation is provided on |
gains recognised in the profit and loss account. No depreciation is provided on Investment Properties. |
Financial instruments |
Cash and bank balances |
Cash and bank balances are recognised at transaction price. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are |
recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss |
account. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. |
Subsequently, they are measured at amortised cost using the effective interest rate method, less |
impairment. If an arrangement constitutes a financing transaction it is measured at the present value of |
future payments. |
JML Properties Limited (Registered number: 03753200) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured using |
tax rates and laws that have been enacted or substantively enacted by the year end and that are expected |
to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2019 |
and 31 December 2019 |
NET BOOK VALUE |
At 31 December 2019 |
At 31 December 2018 |
Fair value at 31 December 2019 is represented by: |
£ |
Valuation in 2019 | 750,000 |
JML Properties Limited (Registered number: 03753200) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
5. | INVESTMENT PROPERTY - continued |
If the investment properties had not been revalued they would have been included at the following |
historical cost: |
31.12.19 | 31.12.18 |
£ | £ |
Cost | 364,637 | 364,637 |
Investment properties were valued on an open market basis on 31 December 2019 by P F Lovel MRICS a director of the company |
. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Bank loans and overdrafts |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 14,817 | 23,283 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.19 | 31.12.18 |
£ | £ |
Bank loans |
Bank loans are secured against investment properties. |
JML Properties Limited (Registered number: 03753200) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
10. | ANALYSIS OF RETAINED EARNINGS |
£ |
Profit and loss | (3,362 | ) |
Fair value reserve | 353,363 |
Total | 350,001 |